Micron Technology (NASDAQ:MU) Stock Price Up 1% – What’s Next?

Micron Technology, Inc. (NASDAQ:MU)’s share price was up 1% during trading on Friday . The company traded as high as $104.24 and last traded at $102.87. Approximately 7,659,180 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 22,288,494 shares. The stock had previously closed at $101.82.

Analysts Set New Price Targets

A number of equities analysts recently commented on MU shares. Citigroup cut their price objective on Micron Technology from $175.00 to $150.00 and set a “buy” rating on the stock in a research note on Tuesday, September 17th. Wells Fargo & Company cut their price objective on Micron Technology from $190.00 to $175.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 18th. Piper Sandler boosted their price target on Micron Technology from $130.00 to $150.00 and gave the company an “overweight” rating in a research note on Thursday, June 27th. Morgan Stanley boosted their price target on Micron Technology from $100.00 to $114.00 and gave the company an “equal weight” rating in a research note on Thursday, September 26th. Finally, Raymond James boosted their price target on Micron Technology from $125.00 to $140.00 and gave the company an “outperform” rating in a research note on Thursday, September 26th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-five have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $143.23.

Micron Technology Price Performance

The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.16 and a current ratio of 3.41. The stock has a market capitalization of $113.61 billion, a P/E ratio of -72.44, a price-to-earnings-growth ratio of 0.20 and a beta of 1.17. The firm has a 50-day moving average price of $96.80 and a 200 day moving average price of $114.90.

Micron Technology (NASDAQ:MU) last posted its quarterly earnings results on Wednesday, September 25th. The semiconductor manufacturer reported $1.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.21. Micron Technology had a negative return on equity of 4.01% and a negative net margin of 7.20%. The business had revenue of $7.75 billion for the quarter, compared to analyst estimates of $7.65 billion. During the same period last year, the company earned ($1.21) EPS. Micron Technology’s revenue for the quarter was up 93.3% compared to the same quarter last year. On average, analysts expect that Micron Technology, Inc. will post 0.61 EPS for the current year.

Micron Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Monday, October 7th will be given a dividend of $0.115 per share. The ex-dividend date of this dividend is Monday, October 7th. This represents a $0.46 annualized dividend and a yield of 0.45%. Micron Technology’s payout ratio is -32.39%.

Insider Buying and Selling

In related news, EVP April S. Arnzen sold 4,890 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The stock was sold at an average price of $113.00, for a total transaction of $552,570.00. Following the transaction, the executive vice president now directly owns 135,830 shares in the company, valued at $15,348,790. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.32% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Micron Technology

A number of large investors have recently made changes to their positions in MU. J. W. Coons Advisors LLC bought a new stake in shares of Micron Technology in the 4th quarter worth approximately $213,000. Belpointe Asset Management LLC lifted its stake in shares of Micron Technology by 62.3% in the 4th quarter. Belpointe Asset Management LLC now owns 6,363 shares of the semiconductor manufacturer’s stock valued at $543,000 after purchasing an additional 2,442 shares during the period. Public Employees Retirement Association of Colorado lifted its stake in shares of Micron Technology by 13,944.3% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 163,756 shares of the semiconductor manufacturer’s stock valued at $13,975,000 after purchasing an additional 162,590 shares during the period. Gabelli Funds LLC lifted its stake in shares of Micron Technology by 3.7% in the 4th quarter. Gabelli Funds LLC now owns 22,300 shares of the semiconductor manufacturer’s stock valued at $1,903,000 after purchasing an additional 800 shares during the period. Finally, Exencial Wealth Advisors LLC lifted its stake in shares of Micron Technology by 15.1% in the 4th quarter. Exencial Wealth Advisors LLC now owns 6,300 shares of the semiconductor manufacturer’s stock valued at $538,000 after purchasing an additional 825 shares during the period. 80.84% of the stock is currently owned by institutional investors.

Micron Technology Company Profile

Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.